Most people in foreclosure think their credit is already bad, but they are not aware that it could end up being much worse. At this point you may be behind on your payments, but your credit is not destroyed.
A foreclosure will put a permanent mark on your credit. A short sale is instead more favorably reported on your credit report as a settlement.
Furthermore, in most cases any 1099(s) and/or Deficiency Judgment(s) will be for significantly smaller amounts (if at all) with a short sale than with a foreclosure. This results in cash savings to you.
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